Monday, October 08, 2007

Textron Buying United Industrial

Textron announced today that it plans on acquiring United Industrial (nyse: UIC) for about $1 billion. AAI Corp. a unit of UIC, based in Hunt Valley, Md., makes aerospace and defense systems including unmanned aircraft and ground control stations and counter-sniper devices.

Price of Textron stock at the start of the day was $63.46. UIC's stock price jumped by almost $4.00 from Friday's close to $80.25 at today's start of trading.